Armstrong Economics Blog/European Union Re-Posted Sep 12, 2022 by Martin Armstrong
As the European Central Bank (ECB) finally begins to raise rates, Greece is rushing to repay its outstanding debt. The failure to consolidate eurozone debt hurt the southern nation, whose debt spiked due to simple currency conversion. Greece remains the most indebted country in the EU. The country received its third bailout in 2018 and has been struggling to pay off its debt, relying mostly on bonds.
Greece is making its next payout ahead of schedule, as it knows that the amount owed will only rise. Greece is set to repay 2.7 billion euros, according to the finance ministry. However, this is a small piece of what they owe as debts have more than tripled since the start of the year.
As the eurozone is facing an inevitable recession, Brussels is sure to hunt down its debts. Greece…
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